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NCUA closes Hmong American FCU
ALEXANDRIA, Va. (5/19/11)--Hmong American FCU of St. Paul, Minn. was liquidated by the National Credit Union Administration (NCUA) on Wednesday. This is the eighth federal credit union liquidation to take place this year. The agency in a release said that the credit union was insolvent and had “no prospects for restoring viable operations.” Hmong American FCU held $2.7 million in assets from 700 members as of the first quarter of this year. The NCUA placed Hmong American FCU into conservatorship earlier this month. The agency at that time said that it would work with the financial institution to "resolve issues" affecting safety and soundness. For the full NCUA release, use the resource link.
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